Ohio Securities Department of the United States joined the settlement agreement of the loan platform Nexo with US $22.5 million
It is reported that the Ohio Securities Department of the United States announced that it had joined the settlement agreement of the loan platform Nexo with US $22.5 million. Nexo agreed to pay US $22.5 million to settle the charges with Ohio and other states of the United States, the District of Columbia, Puerto Rico and the United States Virgin Islands (pay US $424528.30 to each jurisdiction) to solve the violations. It is said that Nexo’s EIP product promised to pay investors encrypted interest, and the product failed to comply with the national securities registration requirements, depriving investors of the important information needed to understand and evaluate the investment EIP risk. As of July 31, 2022, there were 2327 Ohio EIP accounts with a value of 15858147 dollars. Nationwide, Nexo has 93318 EIP investors in the United States, with a total asset value of US $802.26 billion.
Interpretation of this information:
The Ohio Securities Department of the United States has recently announced that it will join the settlement agreement with Nexo, a loan platform. Nexo has agreed to pay US $22.5 million to settle charges with Ohio and other US states, Puerto Rico, the District of Columbia, and the United States Virgin Islands. The agreement requires Nexo to pay US $424528.30 to each jurisdiction to resolve violations. Specifically, the company’s EIP product promised to pay investors using encrypted interest, but the product did not comply with national securities registration requirements.
The failure to comply with these requirements deprived investors of crucial information needed to understand and evaluate the investment EIP risk, leading to legal action against Nexo. As of July 31, 2022, there were 2,327 Ohio EIP accounts with a total value of US $15,858,147. Nationwide, Nexo has 93,318 EIP investors with a total asset value of US $802.26 billion.
The message highlights the failure of Nexo to comply with the national securities registration requirements and the subsequent settlement agreement that requires the company to pay US $22.5 million to resolve the violations. The three keywords are Nexo, EIP product, and securities registration.
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